按键盘上方向键 ← 或 → 可快速上下翻页，按键盘上的 Enter 键可回到本书目录页，按键盘上方向键 ↑ 可回到本页顶部！
————未阅读完？加入书签已便下次继续阅读！
A person with a large account who bets a small fraction on any given trade can stay calm。 A person with a small account grows tense knowing that any single trade can either boost or damage his account。 As the stress rises； the capacity to reason goes down。
如果账户很大，一个人可以用比较少的资金去赌，这样他可以保持冷静。如果一个人的账户很小，他就会紧张，因为一次交易可能会获利丰富，也可能会摧毁他的账户。当他不断紧张时，他的分析能力会下降。
I saw the best example of how money can twist a player’s mind while teaching my oldest daughter to play backgammon。 She was about eight at the time but very determined and bright。 After a few months of practice she began beating me。 Then I suggested we play for money … a penny a point； which in our scoring meant a maximum of 32 cents per game。 She kept beating me； and I kept raising the stakes。 By the time we reached 10 cents a point she started losing and soon gave back every last penny。 Why could she beat me playing for little or no money but lost when the stakes increased？ Because for me 3。20 was pocket change； but for the kid it was real money。 Thinking about it made her a little more tense and she played slightly below her peak level … enough to fall behind。 A trader with a small account is so preoccupied with money that it impairs his ability to think； play； and win。
当我教我的女儿玩西洋双陆棋时，我看见了金钱在如何扭曲一个人的思想。她当时只有8岁，但有决心，很聪明。几个月的练习之后，她能打败我了。然后我建议赌钱——1点1分钱，这意味着一局最多可以赢32分钱。她不断地赢我，我就不断地加注。当我们开始升级到1点1毛钱时，她开始亏钱了，很快她把赢到手的钱都亏光了。为什么在不赌钱，或者赌很少钱的时候，她可以赢我？为什么赌注增加了，她就亏钱呢？因为对我来说，3。20元只是个小钱，对小孩来说是大钱。正因为这是大钱，她在玩游戏的时候就会紧张，而且表现低于正常水平——当然会落后。一个交易者的账户很小的话，大脑也会被金钱占据，于是就影响了他的思考能力，交易能力和赚钱能力。
Other beginners bring too much money to the game； and that is not good either。 A beginner with too much capital goes chasing after too many rabbits； bees careless； loses track of his positions； and ends up losing money。
其他新手则拿了太多的钱来玩，那样也不好。如果一个新手的钱太多，他就会同时跟踪很多只兔子，就会变得没有聚焦，不能管理好仓位，最终还是亏钱。
How much should you have in your trading account when you start？ Remember； we are talking about trading capital。 It doesn’t include your savings； long…term investments； retirement funds； house equity； or Christmas club。 We only count the money that you want to spin in the markets； aiming to achieve a higher rate of return than you can get from Treasury bills。
起步的时候，你的账户应该有多少资金？记住，我们谈的是用来交易的资金。它并不包括你的存款，长期投资，退休金，房产或者圣诞存款。我们仅仅计算你愿意投入市场的钱，准备赚比债券的回报要高的收益。
Do not even dream of starting with less than 20；000。 That is the barest minimum； but 50；000 provides a much safer flying altitude。 It allows you to diversify and practice sensible money management。 At the same time； I do not suggest starting with more than 100；000。 Too much money in a trading account makes a beginner lose focus and leads to sloppy trading。 Professionals can use a lot more； but beginners should stay below 100；000 while learning to trade。 Learn to fly a single…engine plane before moving up to a twin…engine model。 A successful trader needs to get into the habit of being careful with money。
千万不要梦想投入的资金低于20000元。这是最低的要求了，50000元会保证更安全的飞行高度。它会让你富于变化并实现资金管理。同时，我不建议起步资金高于100000元。如果账户的钱太多，新手会无法聚焦，会导致粗心的交易。专业人士可以操作很多钱，但新手在学习时，最好还是100000元以下。先学单引擎飞机，再学双引擎飞机。成功的交易者需要养成关注钱的习惯。
Beginners sometimes ask me what to do if they have only 10；000 or 5；000。 I urge them to study the markets and paper…trade； while getting a second job to accumulate capital。 Start trading with a decent…sized account。 You’re going into battle； your capital is your sword； and you need a weapon that’s long enough to give you a chance in bat with well…armed opponents。
很多新手问我，如果只有5000元——10000元，该怎么办。我告诉他们要通过模拟操作来学习，同时要找个工作，以积累资金。起步时的账户要有分寸。你要开始战斗了，你的资金就是你的剑，你的武器必须足够长，这样才能和装备强的对手作战。
Hardware and Software
硬件和软件
Thinking about my first purchases of trading technology is pure nostalgia。 I walked into a drugstore in Florida and bought a pocket calculator。 A year later I acquired a programmable calculator with a tiny engine that pulled magnetic memory cards through its slot。 Then I bought my first puter。 It had two floppy drives … one for the program； the other for the data diskette。 I upgraded it from 48K to 64K RAM （that’s kilobytes； not megabytes！）； and it was a rocket。 My first modem collected data at a brisk 300 baud； later upgraded to a sizzling 1；200。 When hard drives became available； I bought myself a 10…MB unit （they also had a 20…MB model； but who needed such a monster？）。 There was only one good program for technical analysis； and it cost 1；900。 Today； I can buy a hundred times more powerful software for a tenth of that price。
想想我第1次为交易买设备时，真的耐人寻味。我走进弗罗里达的药店，买了一个小计算器。1年后，我买了一个可以编程的计算器，可以插进存储卡。然后，我买了第1台电脑。它有2个软驱——1个用来编程，1个用来存储数据。我把它的内存从48K升级到64K（是K，不是兆！），当时算很好了。我的第1只调制解调器接收数据的速度只有300波特，后来我把它升级到1200波特。当可以买硬盘时，我买了一个10兆的（当时可以买20兆的，但谁会要个大家伙呢？）。当时只有一个技术分析的软件，我花了1900元。今天，我只要10分之1的钱，却能买到强100倍的软件。
Does every trader need a puter？ My friend Lou Taylor did all his research on scraps of paper。 I used to offer him puters； but to no avail。 Most traders； including myself； would be lost without a puter。 It expands our reach and speeds up research。 Just keep in mind that puters do not guarantee profits。 Technology helps； but does not guarantee victory。 A poor driver will crash the best car。
是不是每个交易者都需要电脑？我有个朋友叫娄·泰勒，他在纸上做所有的研究。我曾经要给他电脑，他不要。大多数交易者，包括我，如果没有电脑，恐怕都迷失了。电脑可以扩大我们的视野，加速我们的研究。但是要记住，电脑并不保证你赚钱。技术会帮助人，但不会保证胜利。水平差的司机会把最好的车撞烂。
To bee a puterized trader； you must choose a puter； trading software； and a source of data。 Trading programs tend to be undemanding and run well on older； slower machines。 A good program for technical analysis must download the data； plot daily； weekly； and possibly intraday charts； and offer a multitude of indicators。 A good program should allow you to add your own indicators to the system and let you scan lists of securities according to your parameters。 The list of programs for traders keeps growing； so that by the time you read this book any review will be out of date。 My pany keeps updating our brief software guide； which we send out as a public service。 To request a current copy； please contact us at the address that appears in the back of this book。
要利用电脑做交易，你必须选择电脑，交易软件和波动软件。交易软件一般都很简单，可以在老机器上运行良好。一个好的技术分析软件一定要有这些功能，下载数据，显示每天，每周，每月的图表，提供多种指标。一个好的软件还要能让你自己增加指标，并按照你的参数工作。数据在一直增加，当你阅读这本书的时候，很多数据又过期了。我的公司会更新数据，我们也提供这个服务。如果你要这个软件，请按照书后面的联系方式联系我们。
A striking development in recent years is the wealth of resources for traders available on the Internet。 Today you can analyze markets without buying any software … just go to a website； key in your stocks or futures； select the indicators； and click your mouse。 Some websites are free； while others are subscription…based。 With all those websites； why buy technical analysis software？ For the same reason that in a city like New York； with its good public transportation system； some of us own cars。 Clients often ask me how to add some new indicator to their favorite website。 When you travel by bus； you cannot ask the driver to take your favorite route。
最近这些年有巨大的变化，交易者可以在互联网上得到很多财富。现在即使不买软件也能分析市场——上网就行了，输入你的股票或期货，选择指标，点鼠标。有些网站是免费的，有些需要注册。既然有这些网站，为什么要买技术分析软件？在纽约，交通系统特别丰富，很多人还是要买车，道理是一样的。客户经常问我，如何在他喜欢的网站增加新的指标。当你坐公交车的时候，你不能叫司机走你喜欢的路线。
Can you program your own indicator into a website and scan charts with it； posting green dots for buy signals and red dots for sell signals？ When you find a website that can do it； you may no longer need software。 Until that time； those of us who are serious about research will continue to buy technical analysis software。 You can get a top…notch program for a few hundred dollars。 A historical database with a year’s worth of updates will cost a couple of hundred more。 If you have a tiny account； however； use free websites。 Always try to push your expenses down to the smallest possible percentage of your account。
在网站编辑自己的指标，扫表图表，为买卖点加上信号。这些你能做到吗？如果你能找到一个�